Day: October 4, 2023

MEXC Ventures makes eight-figure investment in Toncoin and launches strategic partnership with TON Foundation

Zug, Switzerland, October 4th, 2023, Chainwire

MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, has announced a significant investment in The Open Network, the largest layer-1 investment the firm has ever made. This investment works alongside a strategic partnership with The Open Network (TON) Foundation. This symbiotic partnership represents the shared vision of both companies in promoting global Web3 accessibility by lowering the barriers to entry.

MEXC Ventures’ investment, the highest amount it has committed to any layer-one blockchain, is just one part of MEXC’s broader efforts to bolster the growth of TON’s ecosystem. MEXC Ventures’ investment support of TON-based projects, such as Megaton Finance, TONPlay, Fanzee, and Sonet, is already well underway, and the venture firm plans to continue funding TON-based mini apps and projects. MEXC’s exchange will also provide marketing services and promotion for the TON-based projects they list on their platform. To further empower a commitment to The Open Network, MEXC exchange will also introduce 0% trading fees for Toncoin and plan to provide a TON collateral lending service in the near future.

TON Foundation acts as a bridge, connecting nearly 800 million monthly active Telegram users to Web3 and true asset ownership. The team is dedicated to transforming TON into an accessible platform as a simple gateway to Web3, enabling more users to acquire cryptocurrency assets swiftly and conveniently. With the support of MEXC Ventures, TON Foundation’s goal is to catalyze the creation of a Web3 ecosystem within the Telegram app– transforming the social messenger platform into a massive traffic entry point for easy access to crypto assets.

“By working with MEXC, we will bring global access to the decentralized Web3 ecosystem in Telegram,” said Justin Hyun, Director of Growth at TON Foundation. “Our Foundation is committed to promoting a user-centric experience for The Open Network community. MEXC’s support significantly strengthens our potential to build new tools and services for developers and applications that make crypto feel indistinguishable from social media for users.”

TON’s native cryptocurrency, Toncoin, is used for executing smart contracts, utilizing decentralized applications (dApps), and participating in governance on TON blockchain. Additionally, a portion of Toncoin has been allocated to the TON Foundation to encourage and support the development of the ecosystem. To date, the TON ecosystem boasts a multitude of applications, spanning wallets, DeFi protocols, decentralized exchanges (DEXs), games, NFTs, cross-chain bridges, and social, giving it a well-established foundational infrastructure.

“This investment underlines MEXC’s strong conviction in TON blockchain in building a Web3 super-app ecosystem on Telegram,” said Steve Yun, President of TON Foundation. “We are confident that the TON ecosystem and MEXC will grow together as we build for the next market cycle of bull runs.”

About MEXC

MEXC is a centralized cryptocurrency exchange that employs high-performance matching technology and has consistently maintained a leading position in the field of futures trading in the cryptocurrency industry. With the lowest trading fees in the market, a professional team providing industry-leading service responses around the clock, and a seamless trading experience, MEXC is highly regarded by users in the industry, boasting over 10 million users in over 170 countries worldwide. Since its inception, MEXC has always adhered to the value of “Users First”. Customer satisfaction has always been the guiding criterion. The fundamental reason for MEXC’s wide acclaim in service is its commitment to achieving customer satisfaction. MEXC Official Website. To sign up, register on MEXC.

About MEXC Ventures

MEXC Ventures is a comprehensive fund under MEXC Group, committed to empowering innovations of the cryptocurrency field, via strategic investment, M&A, FOF, and project incubation. Mexc Ventures upholds the concept of “discovering opportunities and growing together” by fully sharing fund resources and providing solid support for projects. The team spans across the US, Singapore, HK, and other regions of the world, with $100m+ AUM and 300+ portfolio investments.

About TON Foundation

The Open Network Foundation (TON Foundation) is a non-profit organization founded in Switzerland in 2023. TON Foundation is 100% funded by the community, acting in the community’s interests, and supports initiatives aligned with The Open Network’s mission. Learn more at https://ton.foundation.

About The Open Network (TON)

The Open Network (TON) is putting crypto in every pocket. By building a Web3 ecosystem in Telegram Messenger, TON is giving billions of people the opportunity to own their digital identity, data, and assets. See more at https://ton.org/.

 

Contact

TON Foundation
ton@theagencypartnership.com

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Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

Mizuho analyst forecasts up to $652 million in revenue for Coinbase in Q3.
Dan Dolev continues to see sharp downside in the crypto stock to $27.
Coinbase shares are already down roughly 35% versus their YTD high.

Mizuho lowered its quarterly revenue estimate for Coinbase Global Inc on Wednesday. Its shares are down 1.0% at writing.

Dan Dolev shares his view on Coinbase

Dan Dolev now expects the crypto exchange to report revenue about 7.0% below his previous forecast for the third quarter. On Wednesday, he said in a research note to clients:

We expect dwindling volumes combined with an expected drought in retail trading to meaningfully weigh on 3Q revenue.

Note that Bitcoin trading volatility tanked to the level last seen over four years ago in August.

The Mizuho analyst is, therefore, convinced that the Nasdaq-listed firm will come in about 10% shy of consensus estimate for revenue in its Q3. Coinbase shares are currently down 35% versus their year-to-date high.

Coinbase shares have downside to $27

Dan Dolev now forecasts Coinbase to report revenue in the range of $609 million to $652 million in its third financial quarter.

That’s driven from a sharp decline in the platform’s average daily trading volume that stood at about $1.0 billion in the second quarter but had crashed to $665 million in September.

The Mizuho analyst, therefore, maintained his “underweight” rating on Coinbase shares this morning. His $27 price target suggests a more than 60% downside from here.

His bearish call on the stock arrives shortly after the crypto exchange said it had secured AML or Anti-Money Laundering registration with the Bank of Spain (find out more). Coinbase is the globally the largest holder of Bitcoin as per Arkham.

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Raydium price prediction as momentum builds and Memeinator presale surge

RAY token surges 17% in 24 hours, eyes $0.240 resistance as technical indicators turn bullish.
Memeinator’s presale exceeds $500,000 in less than 48 hours, aiming to reshape the meme coin landscape.
Raydium’s momentum and Memeinator’s success captivate the cryptocurrency community.

Raydium’s native utility token, RAY, has been making waves in the crypto market, exhibiting a remarkable surge in its price. Over the past 24 hours, the price of RAY increased by 17%, catapulting it to the forefront of top-performing cryptocurrencies.

At the time of writing, RAY was trading at approximately $0.2019, marking a noteworthy climb from its intraday low of $0.1754. This surge in price has garnered significant attention and optimism among crypto investors.

Raydium price chart

 

Why is the price of Raydium (RAY) rising?

The recent surge in RAY’s price can be attributed to a combination of factors, including a building bullish momentum and positive market sentiments partly due to the recent Ripple Labs win against the US SEC.

The Ripple Labs win is seen as a great catalyst for the cryptocurrency market, which has recently been targeted by the US authorities who have tried to argue that some cryptocurrencies are securities and not cryptocurrencies.

Raydium price prediction

Analysts have pointed to a symmetrical triangle pattern that had been forming, indicating the potential for a breakout. The clean break above the triangle’s resistance level has ignited further optimism, suggesting the potential for continued upside in RAY’s price.

With Raydium’s RAY token showing bullish momentum, traders and investors are closely watching key resistance levels. The next significant hurdle appears to be at $0.240, a level that has historically acted as strong resistance.

However, as with any price movement, there are factors to consider. Technical indicators, such as the widening Keltner Channel bands, suggest the potential for price swings and breakout opportunities. Yet, the overbought conditions in the top range of the bands may introduce the possibility of a temporary dip.

Influx of capital and volatility

The Chaikin Money Flow (CMF) indicates a modest influx of capital into the RAY market, signifying some buying pressure. A rising CMF rating could signal increased purchasing pressure and a potential market breakout.

Meanwhile, the Relative Volatility Index (RVI) suggests that the RAY market is currently volatile, opening the door to significant price volatility and trading opportunities. However, extreme volatility also brings increased risk.

The TRIX indicator reflects favourable price momentum, indicating high purchasing pressure. Nevertheless, a declining TRIX rating could hint at a potential reversal in RAY’s price trend.

Memeinator presale success

In a world inundated with meme coins promising the moon and stars, Memeinator has emerged as a beacon of change. In less than 48 hours, Memeinator’s presale has surged past the $500,000 mark, signalling its unwavering commitment to reshaping the meme coin landscape.

The genesis of this ambitious endeavour was born out of frustration with the deluge of meme coins that often failed to deliver on their promises. Memeinator sought to bring back the fun and magic that once defined meme coins.

Memeinator’s unique features

What sets Memeinator apart is its innovative approach. It introduces an AI-driven game inspired by classic ’90s action movies, a burgeoning community, and enticing prizes, including the chance to journey into space with Virgin Galactic.

The Memeinator ‘resistance’ has already gained significant traction, with over 20,000 individuals joining the journey on Twitter and actively engaging in vibrant discussions within Telegram and Discord communities.

Solid-proof audit and utility

To ensure credibility and security, Memeinator underwent a meticulous audit by Solid Proof, a respected German-based company specializing in evaluating crypto project protocols, smart contracts, and KYC assessments. This audit places Memeinator in an esteemed company alongside reputable projects like UNCX, Shopping.io, and ZyberSwap.

Memeinator’s utility extends beyond its presale success. Its MMTR Tokenomics boasts a total supply of 1 billion tokens, with allocations for community engagement, marketing pools, and exchange liquidity provision. A deflationary mechanism will be employed, with the team executing a burn strategy as needed to maintain the token’s price.

Conclusion

Raydium’s bullish momentum and Memeinator’s presale success are currently making waves in the cryptocurrency space. While RAY’s price surge sparks optimism among traders, it’s crucial to consider the technical indicators and potential market swings.

On the other hand, Memeinator’s journey to reshape the meme coin landscape has garnered significant community support and validation through a Solid Proof audit. With innovative features and a committed community, Memeinator seeks to redefine the meme coin space.

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Polygon price prediction as Shiba Memu presale surges above $3.55M

Rising Polygon prices are attributed to adoption, utility, and partnerships.
Polygon’s Q3 innovations boost its position in the crypto market.
Shiba Memu’s presale success is driven by an autonomous marketing approach and AI technology.

In the world of cryptocurrency, exciting developments are constantly unfolding, and Polygon (MATIC) is no exception. While Polygon has been making waves in the crypto space, another token, Shiba Memu (SHMU), has been gathering attention with its presale surging above $3.55 million.

In this article, we’ll explore the recent developments in both Polygon and Shiba Memu, shedding light on what’s driving Polygon’s price surge and what the future may hold for both tokens.

Polygon’s impressive run

Polygon, renowned for its innovative “layer two” scaling solution built on the Ethereum blockchain, has been on an impressive run. It addresses the long-standing issues of slow transactions and high fees on the Ethereum network.

Polygon’s solution optimizes transaction speed and reduces fees, making it an attractive choice for developers and users alike.

Key developments in Q3 for Polygon

The third quarter of 2023 has been marked by several notable developments in the Polygon network.

Polygon ID Release 4

Polygon ID Release 4 was unveiled on July 20, offering tools to seamlessly integrate Polygon ID modules into developer projects.

Polygon ID, built on the iden3 protocol, focuses on decentralized identities using zero-knowledge proofs. This innovation has led to a thriving ecosystem with various projects and trusted networks.

Immutable zkEVM Testnet

In August, Polygon Labs and Immutable collaborated to introduce the Immutable zkEVM Testnet, a dedicated chain for gaming that combines zk-rollup technology with Ethereum Virtual Machine (EVM) compatibility.

This promises extensive scalability, reduced costs, and robust security, positioning it as a game-changer in the gaming sector.

Uptrip Loyalty Program

On August 31, the Polygon network welcomed Uptrip, a groundbreaking travel platform.

Uptrip rewards travellers with NFT trading cards for each flight, offering unique rewards such as business lounge vouchers and frequent traveller status unlocks upon completing collections.

This integration highlights Polygon’s versatility in supporting diverse applications.

Polyhedra Network’s Zk-Powered Bridge

In early September, Polygon Labs reported a significant development in collaboration with Polyhedra Network.

Polyhedra Network is working on a cross-chain bridge powered by zero-knowledge (ZK) technology, aiming to enhance interoperability between Polygon and other Layer-1 and Layer-2 networks.

Canto’s Migration to ZK L2

September 18 marked Canto’s migration to a zero-knowledge Layer 2 on Ethereum using Polygon’s Chain Development Kit (CDK). This move allowed Canto to focus on real-world assets while maintaining independence and modularity within the broader ecosystem of ZK Layer 2 networks.

Polygon’s CDK, being permissionless and open-source, provides the flexibility needed for projects like Canto to thrive.

Dragon Fruit Upgrade

The Polygon ZkEVM received its first upgrade, known as Dragon Fruit, on September 20.

This upgrade added support for the latest EVM opcode, solidifying Polygon zkEVM’s position as a pioneer in supporting PUSH0 in Ethereum L2 scaling. This enhancement is expected to contribute to Polygon’s growing popularity.

Why Polygon’s price is rising

Amid these developments, it’s essential to understand why Polygon’s price is experiencing an upward trajectory. The increase in Polygon’s adoption and utility, driven by its scaling solutions and partnerships, has been a key factor. As more projects and platforms integrate with Polygon, its ecosystem grows, making it more attractive to developers and users.

Furthermore, Polygon’s commitment to enhancing the developer experience, fostering interoperability with other networks, and addressing the pain points of the Ethereum network has solidified its position as a leading Layer 2 solution. The utility of Polygon in various sectors, from gaming to DeFi, has contributed to its rising demand, resulting in a positive impact on its price.

Shiba Memu presale surge

While Polygon has been busy with its innovative developments, another player has emerged in the crypto space. Shiba Memu (SHMU) has witnessed a remarkable surge in its presale, surpassing $3.55 million.

The Shiba Memu project prides itself on its self-sufficient marketing capabilities, driven by AI technology, making it a unique and attractive investment in the world of meme tokens.

Shiba Memu’s presale success can be attributed to its growing community, often referred to as the #MemuMafia. This community has been gaining relentless power, and the project’s relentless marketing efforts have played a significant role in its rapid rise.

The #MemuMafia’s support has contributed to the token’s popularity and the funds raised during the presale.

Unique selling proposition

Shiba Memu distinguishes itself by claiming to create its marketing strategies, write its PR, and promote itself in relevant forums and social networks autonomously. This unique approach eliminates the need for extensive human-led marketing efforts, potentially reducing costs and increasing efficiency.

Furthermore, Shiba Memu’s utilization of AI technology allows it to generate an abundance of content, monitor and analyze marketing performance, and engage with users directly through an AI dashboard. This level of automation and innovation has attracted investors looking for a novel and technologically advanced meme token.

Conclusion

The third quarter of 2023 has been a significant period for both Polygon and Shiba Memu. Polygon’s innovative developments and partnerships have fueled its price rise, while Shiba Memu’s presale surge showcases the growing interest in meme tokens with unique value propositions.

The crypto space continues to evolve, offering opportunities for innovation and investment, and both Polygon and Shiba Memu are riding this wave of progress.

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Norwegian Gambling Authority steps up oversight of online casinos

Norway’s online casino market faces increased scrutiny
Lotteritilsynet oversees banks to enforce a ban on transactions with illegal online casinos in Norway.
EGBA urges Norway to adopt a licensing model for online gambling, citing the need for diversity and player safety.

In a bid to further regulate the online casino market including the rapidly growing crypto gambling and reduce illegal gambling, the Norwegian gambling authority, Lotteritilsynet, has intensified its efforts to enforce existing regulations. 

The authority is closely monitoring nine banks in Norway to ensure compliance. It has also banned banks from processing illegal gambling transactions.

Online casino payment restrictions

The ban on payments to and from illegal gambling operators is a crucial regulatory tool aimed at reducing illegal gambling in Norway. 

Recent population surveys suggest that this prohibition has made it increasingly challenging for the public to engage with foreign-based gambling operators, helping fuel a boom in crypto being used in the payments sphere. This measure aligns with Norway’s commitment to fostering responsible gambling practices and protecting its citizens from the adverse consequences of excessive gambling.

Bank surveillance

Under Section 5 of Norway’s gambling act, payment transactions with unlicensed gambling operators are prohibited. Lotteritilsynet has the authority to instruct banks to reject transactions to and from specific accounts and companies involved with unlicensed gambling operators. Reports have it that the regulator has identified nine banks for scrutiny.

While the identity of the nine banks under scrutiny remains undisclosed, the move is part of Lotteritilsynet’s ongoing efforts to enforce the ban and curb problem gambling in the country.

Lotteritilsynet has requested detailed information from the nine banks regarding the steps they have taken to prevent transactions to and from specific companies and account numbers associated with unlicensed gambling operators. Additionally, the authority has asked for insights into the banks’ internal compliance routines.

The banks have been provided with a three-week deadline to furnish Lotteritilsynet with the required documentation and information. The regulatory body expects the banks to demonstrate effective compliance with its directives.

EGBA urge Norway to shift to a licensing model

While Norway maintains strict control over its gambling industry, including a state monopoly on online gambling, calls for reform have emerged. The European Gaming and Betting Association (EGBA) has urged Norway to shift from its current online gambling monopoly to a licensing model.

EGBA’s argument centres on the need to meet the growing demand for diverse online casino options within Norway. Currently, Norway’s online gambling market is limited, with Norsk Tipping covering sports wagering and online casino gaming, while Norsk Rikstoto focuses on horse racing. EGBA points out that neighbouring countries like Sweden and Finland have successfully transitioned to licensing models, providing players with more choices including crypto gambling, which offers anonymity among other benefits associated with the decentralized nature of cryptocurrencies.

EGBA emphasizes that such a transition would not only cater to player preferences but also enhance player safety by implementing clear regulatory frameworks and rules for companies to follow. Moreover, it could lead to increased tax revenue for the government and better regulation of domestic operators.

As Lotteritilsynet intensifies its oversight of payment transactions related to online gambling, the ongoing dialogue surrounding the regulatory framework of Norway’s gambling industry remains at the forefront. Whether the nation will heed the call for change and transition to a licensing model, as suggested by EGBA, is a topic that continues to evolve in the dynamic landscape of online casinos in Norway.

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XRP rallies after major Ripple Labs legal wins

Ripple has secured approval in Singapore, paving the way for regional expansion.
AA US Judge has also denied SEC’s appeal boosting XRP price by 4% to $0.53.
Ripple’s legal wins showcase its resilience and impact on the crypto market.

Ripple is trending today after its legal triumph in Singapore coupled with the denial of the SEC’s appeal. The two developments have led to a resurgence in XRP’s price.

The cryptocurrency community is closely monitoring these developments, which could have far-reaching implications for both Ripple and the broader cryptocurrency market.

As at the time of writing, the price of Ripple’s XRP token had gained over 4%.  It is currently trading at $0.53, marking a 5.05% increase over the past month and a 6.77% gain over the previous week.

XRP price chart

 

Ripple secures approval in Singapore

American blockchain payments firm Ripple Labs Inc. has scored a significant legal victory by obtaining full approval to operate as a digital payment token services provider in Singapore. 

The Monetary Authority of Singapore (MAS) granted the license, solidifying Ripple’s position in the cryptocurrency space. Just four months after receiving in-principle approval from the regulator, this development paves the way for Ripple’s local subsidiary, Ripple Markets APAC Pte Ltd, to expand its operations across the Asia Pacific region.

It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.

Learn more: https://t.co/jD8xSc2pdd

— Ripple (@Ripple) October 4, 2023

The regulatory clarity provided by MAS has played a pivotal role in Ripple’s success in Singapore. CEO Brad Garlinghouse expressed his enthusiasm for the move, emphasizing Ripple’s readiness to create crypto solutions that enhance utility in the financial industry. 

While the end-users stand to benefit, Ripple’s primary focus remains on businesses and financial institutions that can leverage its tailored products and services.

Ripple’s win against the US SEC

The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) took an interesting turn as Judge Analisa Torres denied the SEC’s request for an early appeal. 

The decision is a significant setback for the SEC, as it sought to challenge two aspects of the judge’s summary judgment.

The SEC’s request to file an interlocutory appeal is DENIED. I’m not a lawyer but it seems the Court just told the SEC: You asked me to apply the “Howey” test, I did, and like it or not, you lost. https://t.co/0E4MS0iuRY pic.twitter.com/bkhCpum17n

— Brad Garlinghouse (@bgarlinghouse) October 4, 2023

In essence, the judge’s ruling distinguishes between Ripple’s different transactions involving XRP. Institutional Sales were categorized as sales of securities, while Programmatic Sales and Other Distributions were not. 

The judge emphasized that Programmatic Buyers did not have the same expectation of Ripple generating profits on their behalf as Institutional Buyers did.

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Crypto hacks and scams grew by over 150% in Q3 2023: Immunefi report

Key takeaways

The number of crypto hacks and scams surged by 153% in the third quarter of the year.

Nearly $700 million was lost to hacks and scams in the last quarter.

Crypto investors lost nearly $700 million to hacks and scams

Blockchain security platform Immunefi published its quarterly industry security report for the third quarter of 2023.

Per the report, crypto and web3 projects recorded a 153% increase in attacks in the quarter that ended September, compared to the same period in 2022. In Q3 2022, there were 30 crypto hacks and scams. 

However, this figure grew to 76 in the third quarter of 2023, with nearly $686 million lost in the process. 

The Mixin hack that took place on September 25 was the most notable, with the attackers stealing roughly $200 million from the platform. Multichain also suffered an attack in the third quarter of the year, resulting in over $126 million in losses that are yet to be recovered. The attack resulted in Multichain ceasing operations in July. 

Lazarus Group leads the way in crypto theft

The Lazarus Group was the most popular attacker in Q3 2023, as it stole over $208 million worth of cryptocurrencies via multiple attacks. The group attacked centralised services CoinEx, Alphapo, Stake, and Coinspaid and was responsible for  30% of all stolen crypto in the previous quarter. 

Immunefi reported that only a small portion of attacks in the last quarter were rug pulls and other scams. Around $23 million was lost to rug pulls and other scams, accounting for only 3.3% of total losses. The report highlighted that funds lost via rug pulls and scams decreased by 23.9% compared to Q2 2022.

Decentralised finance (DeFi) protocols continue to be the target of hackers as they account for roughly 73% of total losses. Centralised services, meanwhile, accounted for around 27% of exploit losses. 

Projects on the Ethereum and BNBChain blockchains remain the primary target of attackers. Ethereum projects accounted for 42.7% of the losses, while BNBChain recorded 30.6%. Q3 2023 is so far the worst quarter of the year in terms of crypto hacks and scams, the report concluded. 

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